On Oct. 1, the SEC began operating under a "continuing resolution," which means that most filing fees will remain at their current rates.

A "continuing resolution" provides budget authority for federal agencies to continue in operation until the regular appropriations are enacted. The resolution was necessary, as Congress has so far failed to ratify a budget for the 2005 fiscal year, which began Friday.

The resolution will extend through Nov. 20, 2004.

During this period, most registration fees will remain at their current rates.

Once the SEC's FY 2005 appropriation is enacted, fee rates applicable to the registration and repurchase of securities will decrease to $117.70 per million from the current rate of $126.70 per million. Fee rates applicable to proxy solicitations and statements in corporate control transactions will also decrease.

At the same time, fee rates applicable to securities transactions on the exchanges and certain over-the-counter markets will increase to $32.90 per million from the current rate of $23.40 per million.

Last year, several continuing resolutions were necessary before the final budget was ratified, and experts expect the same will be likely this year.

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